An Heterodox History of Spanish Economy into the Eurozone:  Austrian School of Economics Analysis of Boom and Bust

Miguel Angel Alonso Neira; Antonio Sanchez-Bayon; Marcos Castro-Oliva

doi:10.23762/FSO_VOL11_NO2_1

Published : 2023-06-30

Vol. 11 No. 2 (2023)

An Heterodox History of Spanish Economy into the Eurozone: Austrian School of Economics Analysis of Boom and Bust

Miguel Angel Alonso Neira

https://orcid.org/0000-0002-6778-3594

Antonio Sanchez-Bayon

https://orcid.org/0000-0003-4855-8356

Marcos Castro-Oliva

https://orcid.org/0000-0003-2891-0076

DOI: https://doi.org/10.23762/FSO_VOL11_NO2_1

Abstract

This is a heterodox Economic History on Political Economy, Macroeconomics and Applied Economics, based on the Austrian Economics theory of business cycles, applied to the case of the Spanish Economy during the boom-bust cycle (2002-2014). Attention is focused on the endemic problem of business cycles, such as successive and distorting periods of boom and bust that modern economies suffer, as with the Spanish economy. This work reviews the analysis of the Austrian School of Economics´ theory and its development, with attention to the empirical renewal line (into the school), which used econometric support, to help the communication with other economic schools. Consequently, there is a review of the main econometric literature on the Austrian cycle, followed with an illustration of the case of Spain in the Eurozone. In this way, it is possible to better understand the cycle of boom and bust by means of new currency emission and how to help econometric tools to illustrate economic principles

Keywords:

economic cycle, monetary policy, capital-based Macroeconomics, Austrian School of Economics, heterodox approaches

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Alonso Neira, M. A., Sanchez-Bayon, A., & Castro-Oliva, M. (2023). An Heterodox History of Spanish Economy into the Eurozone: Austrian School of Economics Analysis of Boom and Bust. Forum Scientiae Oeconomia, 11(2), 9–41. https://doi.org/10.23762/FSO_VOL11_NO2_1

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